FEARS are growing over the future of Durham Tees Valley Airport after it was announced the majority shareholder was putting its stake up for sale.

Peel Airports Limited put the airport which has been plagued by financial troubles over the past two years on the market amid growing concern over performance.

Peel, which owns a 75% share, said it made the decision to sell up because it "no longer fits within the company's strategic plans for its portfolio of airports".

In a statement an airport spokesman said: "Durham Tees Valley Airport will continue to operate as normal during this process with passengers due to travel over the coming weeks and employees based at the airport unaffected by this decision."

The announcement comes days after the airport asked the six local councils which hold a total 25% share of the airport, for more funds or face a reduction in their shareholdings.

Last year a £6 passenger facility fee was introduced at the airport in a bid to save it from closure and help to reduce losses.

In July, director Mike Morton left to "pursue new challenges". He was replaced in September by Steve Gill.

The Prime Minister has said Durham Tees Valley is a "vital airport" in the North East.

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